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The Pacific International Commercial Bank (PICB), Tonga's newest bank, was opened by HM King Tupou VI this afternoon, April 7, at Loumaile Lodge, Nuku'alofa.

The Chinese-Tongan bank venture is a partnership between a Chinese businessman and majority shareholder Mr Jianhua Hu who was present at the event with Princess Pilolevu Tuita. The other shareholder is Mr Zhang Xueyan.

The General Manager Mishka Tu'ifua said the bank's shareholders and board were “eternally grateful to the king in opening the bank” and offered him its first account with a term deposit of $10,000 dollars.

The Board of Directors consists of six people headed by Ms Tiantian Hu, the chairlady and daughter of the main shareholder with Ms Jianhua Hu, Ms Mimi Hu, Ms Shanshan Hu and two Tongans ‘Aisake Tu’iono and Mishka.

The king toured the bank accompanied by Queen Nanasipau’u Tuku’aho and other members of the Royal family.

The bank was awarded a license to operate by the National Reserve Bank of Tonga in July last year. It is the fifth bank in Tonga.